The pair started today’s Asia-Pacific session at Y102.18, after closing Friday’s US session at Y102.03. With the early risk-on theme, dollar-yen crept up toward Y102.20 but failed to make much progress above there. Despite that, dollar-yen remained supported off Y102.10 amid rumored demand form US names as well as mildly firmer yen crosses. Dollar-yen continued to hold just off Y102.20 through the early hours of the session while Japanese stocks also marked decent gains in the early half of the day. Limited profit-taking was seen around mid-morning with dollar-yen then slipping to a Y102.05 low before rebounding. The latest recovery saw dollar-yen marginally extend gains to Y102.22 and it last traded at Y102.14. Initial support is seen at the Y101.95 level today with a close below to provide some breathing room. Offers are seen above Y102.25 and Y102.50. Stops are noted above Y102.50 and Y103.10 and on the downside below Y101.50 and Y101.00.
